Insurance Plans April 16, 2020

Mr Joshi retired as the General Manager of a reputed nationalised bank. While holding his position as the GM, he had a very impressive lifestyle. However, after his retirement, he soon found that the pension he received was not sufficient to keep up the same lifestyle. Unfortunately, his wife was detected with cancer soon after and he exhausted most of his savings in her treatment. After this, he began to struggle to pay his bills. Left with no option, the Joshi couple, who had always been independent and in-charge of their own lives, had to make many compromises and move-in with their son. Mr Joshi rued the mistake of not buying a retirement plan earlier.
If you are afraid something like this may happen to you as well, make the smart decision of investing in a good retirement insurance plan such as the HDFC Life Pension Guaranteed Plan. Take a look at this article to know more about the features of this plan and how you can benefit from buying it.

Term Insurance

To know the right life insurance cover, please fill the details below and our policy experts will get in touch with you

+91

Features and benefits of the HDFC Life Pension Guaranteed Plan

Here are some of the most beneficial features of the HDFC Life Pension Guaranteed Plan:

Deferred annuity helps you save

As we all know, retirement plans are available in two variants – immediate and deferred. In an immediate annuity plan, you pay a lump sum amount of money and the retirement income starts right away. In a deferred annuity plan, the fund is built up over the years, little-by-little. This gives you the chance to save in a proper and systematic manner and have all the money you need for the golden twilight years of your life. The HDFC Life Pension Guaranteed Plan is a deferred annuity plan so you get the benefit of making small, yet effective savings over the years.

Regular bonuses added

The HDFC Life Pension Guaranteed Plan earns regular bonuses. A bonus is earned each year at a rate of 3% of the sum assured. This gets added to the retirement fund and the value of the fund grows. You, therefore, get the benefit of the dividends helping your wealth grow. This is indeed a very good advantage that you get when you buy the HDFC Life Pension Guaranteed Plan.

Life cover

It is extremely dangerous for anyone to live without life insurance these days. Everything is unpredictable; you cannot predict what danger lies in the next corner. Life insurance gives you the assurance that even if anything were to happen to you, your loved ones would remain financially protected. The HDFC Life Pension Guaranteed Plan, like the other retirement plans, also offers a life cover. While you keep saving for a retirement fund, your life is covered simultaneously. If you die within the policy period, your nominees receive the death benefit.

Regular income after retirement

Remember how Mr Joshi struggled to sustain with his pension? Well, if you have the HDFC Life Pension Guaranteed Plan, you won’t have any similar challenges. This is because the plan offers a monthly payout. The fund you build up over the years is broken up in parts and paid to you after you retire. This is one of the main benefits and reasons why you need to get the HDFC Life Pension Guaranteed Plan. 

Easy to buy

And last but not least, the plan is extremely easy to own. You can go online and make an instant purchase. The process is very simple and takes just a few minutes. After you buy the plan, you can also pay the future premiums online, making the HDFC Life Pension Guaranteed Plan truly easy to maintain.  

These are the handy benefits that you receive when you buy the HDFC Life Pension Guaranteed Plan. 

Reasons why you should invest in the HDFC Life Pension Guaranteed Plan

If you are wondering why you need the HDFC Life Pension Guaranteed Plan, here are some very logical reasons for you to think about:

To maintain the same standard of living

Many retired people have to give up their luxuries after they retire because the stop of regular income makes it unaffordable for them. We often find them moving into smaller houses, cutting down their holiday frequencies and making various adjustments in their lifestyles. This is unfortunate and should never happen. If you buy the HDFC Life Pension Guaranteed Plan and manage to build up a sufficient corpus, you can very well continue to maintain your pre-retirement corpus during your post-retirement years as well. Make a financial plan and see how much you need to save to ensure you have a financially comfortable retirement.

To remain financially independent

After living all your life on your own terms, you would surely not want to live the final phase of your life in someone else’s house, under their care, isn’t it? To avoid having to financially depend upon your children or other relatives, you need to start planning for your retirement while you are young and earning well. Investing in a good plan such as the HDFC Life Pension Guaranteed Plan allows you to have enough money till the last day of your life to ensure you never lose your financial independence, no matter what happens.

To pay for medical costs

The healthcare costs have sky-rocketed over the last few years. Thus, you can only imagine where it will stand in another few decades when you retire. When you become a senior citizen, your health also begins to fail and you need constant medical attention, much more than what you may need now. You should, therefore, have a good corpus in place so that you can take care of your own medical expenses without having to depend on anyone or make any compromises on your health. You should always be able to afford your own treatment at the best of hospitals when there is a need.

To travel the world

Some people work so hard to provide for themselves and their family, that they end up missing many important things such as travelling the world. If you also have been in the same boat, enjoy your retirement years by travelling the world. You can build up a fund and use it to fulfil this wish of yours and live a very good and fulfilling life by seeing and exploring new countries.

To combat inflation

A gold necklace that cost Rs 50,000 about ten years back, costs more than Rs 2 lacs now. A two-bedroom-apartment in a city like Mumbai used to cost about Rs 20 lacs in the 1990s, but now it costs about Rs 2 crores! You can imagine the role that inflation plays in this. Buy a good retirement plan such as the HDFC Life Pension Guaranteed Plan and build up a corpus that will also allow you to combat inflation.

When you buy the HDFC Life Pension Guaranteed Plan, you are assured of getting all of the above-mentioned benefits. Buy this plan today and make way for a dignified and independent life later on.

The final word

Keeping all the points mentioned above in mind, it can very safely be said that the HDFC Life Pension Guaranteed Plan is one of the best retirement plans available in India presently. You get many advantages including the all-important life cover and you also get to build up a retirement corpus. Buy the plan at the earliest and start investing so that you can have enough time to get the funds you need to enjoy a smooth and independent retirement.

People Also Read